SAN FRANCISCO—Christopher Brian Slowe, Chief Technology Officer at Reddit, Inc. (NASDAQ:RDDT), executed significant stock transactions on December 23, 2024, according to a recent SEC filing. Slowe sold a total of 16,000 shares of Class A Common Stock, generating approximately $2.71 million. The shares were sold at prices ranging from $166.75 to $173.35 per share. The sale comes as Reddit’s stock trades near its 52-week high of $180.74, having delivered an impressive 251.72% return year-to-date. According to InvestingPro, the company maintains a strong Financial Health score with particularly robust price momentum.
Following these transactions, Slowe holds 311,381 shares directly and maintains indirect ownership of additional shares through the Slowe Family Trust. The sales were conducted under a pre-established Rule 10b5-1 trading plan, ensuring compliance with regulatory requirements. With Reddit’s market capitalization now at $31.15 billion, InvestingPro subscribers can access 17 additional ProTips and a comprehensive Pro Research Report for deeper insights into the company’s valuation and growth prospects.
In other recent news, Reddit has been in the spotlight for its impressive financial performance and positive analyst projections. The social media platform reported a 68% increase in total revenue and a 56% rise in advertising revenue. Citi reaffirmed its confidence in Reddit, lifting the company’s price target to $200 while maintaining a Buy rating, based on factors such as robust user engagement and the introduction of new products. Similarly, investment firm Needham raised Reddit’s price target to $190, reflecting confidence in the company’s growth trajectory.
Morgan Stanley (NYSE:) upgraded Reddit’s stock from Equalweight to Overweight, with a new price target of $200, forecasting a 35% growth in U.S. advertising revenue for Reddit between 2024 and 2027. Baird maintained a Neutral stance on Reddit shares but significantly raised the price target to $160, reflecting the platform’s continuous expansion and robust revenue growth. Loop Capital also raised its price target on Reddit shares to $180, acknowledging the company’s strong performance.
Despite these positive developments, Reddit recently encountered a major outage affecting thousands of users following a software bug fix, for which the company has not yet released a statement. These are recent developments that underscore the positive outlook for Reddit’s continued growth and financial success.
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